The race to bring spot exchange-traded funds (ETFs) for major altcoins to the U.S. market has taken a significant step forward, with asset manager VanEck formally submitting a filing to establish a Delaware trust dedicated to a potential BNB spot ETF. This move marks the first known institutional effort in the United States to launch a regulated investment vehicle tied directly to Binance’s native cryptocurrency, BNB.
VanEck’s Strategic Move Into BNB ETF Territory
On March 31, VanEck registered a new entity named VanEck BNB ETF as a trust company service in the state of Delaware, according to publicly available records on Delaware.gov. The registration, filed under number 10148820, signals a clear regulatory and structural preparation for launching a spot BNB ETF should the U.S. Securities and Exchange Commission (SEC) approve such products.
👉 Discover how next-generation crypto ETFs could reshape investor access to digital assets.
This strategic filing positions VanEck at the forefront of expanding crypto ETF offerings beyond Bitcoin and Ethereum into high-market-cap altcoins. As one of the earliest and most active proponents of crypto-based financial products, VanEck has previously launched Bitcoin and Ethereum futures ETFs and continues to push boundaries with new asset classes.
By establishing a dedicated trust structure in Delaware — a jurisdiction widely recognized for its robust legal framework for investment vehicles — VanEck is aligning itself with traditional financial compliance standards, potentially increasing its chances of regulatory approval.
Europe’s Precedent: BNB ETPs Already Trading
While this is the first formal U.S. initiative targeting a BNB-linked ETF, similar products have already gained traction in European markets.
21Shares, a leading European digital asset issuer, launched its BNB ETP (Exchange Traded Product) on Swiss exchanges back in October 2019. Listed on platforms like SIX Swiss Exchange, the product allows institutional and retail investors to gain exposure to BNB price movements without holding the underlying asset directly.
As of March 28, data from TradingView shows that the 21Shares BNB ETP manages approximately **$15 million in assets under management (AUM)**. While this represents only 0.3% of Switzerland’s total $5.3 billion crypto AUM — as reported by CoinShares — it underscores sustained investor interest despite market volatility.
However, recent trends indicate capital outflows. Over the past year, the product experienced net outflows totaling 537 million euros (~$580 million), reflecting broader shifts in European crypto investment flows or possible portfolio rebalancing by institutional holders.
Still, the existence of a live, regulated BNB-linked product in Europe provides a valuable reference point for U.S. regulators evaluating the feasibility, custody solutions, and market demand for a spot BNB ETF.
What Is BNB? Understanding the Asset Behind the ETF
BNB, originally known as Binance Coin, is the native cryptocurrency of BNB Chain, formerly called Binance Smart Chain. Today, BNB Chain is described as a community-driven, decentralized blockchain ecosystem focused on Web3 and decentralized applications (dApps).
Launched in July 2017 as an ERC-20 token on the Ethereum network, BNB was initially designed to provide users with discounted trading fees on the Binance exchange platform. Over time, its utility expanded significantly:
- Used for paying transaction fees on BNB Chain
- Powers smart contracts and dApp interactions
- Serves as a governance token in various DeFi protocols
- Accepted as payment in multiple merchant networks
- Integral to token sales on Binance Launchpad
According to CoinGecko, BNB ranks as the fifth-largest cryptocurrency by market capitalization, with a current valuation hovering around $88 billion. Its strong ecosystem support, consistent use case evolution, and integration across decentralized finance make it a compelling candidate for inclusion in regulated investment products.
Altcoin ETF Momentum Builds Under New Administration
VanEck’s move comes amid a noticeable surge in altcoin-based ETF applications following the change in U.S. presidential administration in January 2025. With renewed optimism around clearer crypto regulation and increased institutional adoption, several asset managers are exploring regulated pathways for non-Bitcoin digital assets.
Earlier in March 2025, VanEck filed another Delaware trust — this time for a potential Avalanche (AVAX) spot ETF, making it one of the first firms to pursue such structures for multiple altcoins simultaneously.
Additionally, regulatory filings show that at least nine different financial firms have submitted preliminary applications for XRP ETFs as of March 12, indicating growing confidence in altcoin ETF approvals.
These developments suggest a strategic pivot in the asset management industry: from focusing solely on Bitcoin and Ethereum to embracing high-utility, large-cap altcoins with established ecosystems and verifiable demand.
👉 See how emerging crypto investment vehicles are opening new doors for mainstream investors.
Key Considerations for BNB ETF Approval
Despite growing momentum, several challenges remain before a spot BNB ETF can become a reality in the U.S.:
- Regulatory Scrutiny: The SEC has historically expressed concerns about market manipulation, liquidity, and custody for altcoins.
- Exchange Oversight: Given BNB’s origins with Binance — which faced regulatory actions in the U.S. — regulators may require enhanced transparency and independence assurances.
- Market Maturity: While BNB ranks fifth in market cap, its trading volume concentration on specific exchanges could raise questions about price discovery.
Nonetheless, structuring the fund through a Delaware trust — a legally respected entity type — demonstrates VanEck’s commitment to meeting fiduciary and compliance standards expected of traditional ETFs.
Frequently Asked Questions (FAQ)
Q: What is a spot BNB ETF?
A: A spot BNB ETF is an exchange-traded fund that directly holds BNB tokens as underlying assets, allowing investors to gain exposure to BNB’s price without owning or storing the cryptocurrency themselves.
Q: Why is VanEck filing a Delaware trust important?
A: Filing a trust in Delaware establishes a legal and compliant structure required for U.S.-listed ETFs. It shows serious intent and regulatory preparedness, increasing credibility with the SEC.
Q: Has any other company filed for a BNB ETF?
A: As of now, VanEck is the first known asset manager to file for a dedicated BNB ETF structure in the U.S., giving it early mover advantage.
Q: How does a BNB ETP differ from a U.S. ETF?
A: ETPs in Europe operate under different regulatory frameworks and are often unregistered with the SEC. U.S. ETFs face stricter oversight but offer broader institutional accessibility and investor protections.
Q: When might a BNB ETF be approved?
A: There is no official timeline. Approval depends on SEC evaluations, market conditions, and precedent set by other pending altcoin ETF decisions — likely not before late 2025 or 2026.
Q: Can I invest in BNB through existing crypto funds?
A: Some multi-asset crypto funds may include BNB indirectly, but no U.S.-listed fund currently offers direct spot exposure. A dedicated ETF would fill this gap.
Looking Ahead: The Future of Altcoin Investment Products
VanEck’s latest filing reflects a broader trend: the financialization of major altcoins through regulated instruments. If successful, a spot BNB ETF could pave the way for similar products tied to Solana (SOL), Cardano (ADA), or Polkadot (DOT).
With increasing demand from retail and institutional investors alike, and growing regulatory clarity post-2024, the stage is set for a new era of digital asset investment vehicles.
👉 Explore how blockchain-based financial products are evolving to meet modern investor needs.